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How to avoid common mistakes when depositing and withdrawing XRP?
How to avoid common mistakes when depositing and withdrawing XRP?

Don't forget about the destination tag!

Albina avatar
Written by Albina
Updated over a week ago

Depositing XRP to your Cryptopay account 

There are several moments that you should pay attention to when depositing XRP to your Cryptopay account. Basically, there are two common mistakes: sending funds without a destination tag and sending funds with a wrong destination tag. But both of them lead to the same undesirable result: funds will be lost. 

What is the Destination Tag?

It is an extra piece of information that must be included when sending a Ripple transaction. To find your destination tag, click on your XRP wallet address in your Cryptopay account. Your destination tag is displayed in the Destination tag field.  

What is the purpose of the Destination Tag?

The destination tag identifies your transaction from different senders.  Always make sure to include the correct Destination Tag before sending your XRP deposit. 

Our system requires the user to include the Destination Tag. If the customer ignores this action, funds will be credited to the overall balance of the platform, and not to a specific account of the recipient. 

This is as follows: if you wish to make XRP deposit and indicate your tag in the Destination Tag field, we will immediately recognize that it was no one else but you who sent the funds. If you send coins, but you indicate a wrong tag or leave it out,  the coins will be credited to the overall wallet address, but they will be unidentified, this will result in your funds being lost.

Withdrawing XRP from your Cryptopay account 

XRP transactions without a destination tag will not be executed. If you’re sure that there’s no destination tag required, you can put “0” in the destination tag field. You can inquire about it with the support team of the wallet you wish to send XRP to.

The minimum amount to send is 0.001 XRP. To fund a new XRP address, you must send enough XRP to meet the reserve requirement. The current minimum reserve requirement is 10 XRP. Transactions of less than 10 XRP sent to a newly created XRP address will fail. 

What if the funds are sent with the wrong Destination Tag?  

There is a misbelief that it is possible to recover funds in such a situation by contacting the support of the receiving wallet and providing them with all the information on the transfer, as well as telling them the correct destination tag and then the funds will still be credited. Unfortunately, there is likely nothing that they can do. 

Important: If you put “0" as a destination tag, your funds will be lost permanently.

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